- Flare network bridges 40 million XRP tokens valued at $96 million to blockchain.
- Platform has minted 40.11 million FXRP across 12,930 transactions with 3,770 holders.
- Weekly minting cap increased from 5 million to 15 million FXRP due to high demand.
Flare CEO Hugo Philion has announced that 40 million XRP tokens have been bridged to the Flare network. The milestone positions Flare as the largest XRP DeFi project in the ecosystem.
Philion shared the achievement in a recent post on X, noting the bridged tokens were worth $96 million at the time of the announcement. Despite reaching this level, the CEO stated this represents just the initial phase for XRP activity on Flare, suggesting additional bridging volume could materialize in coming periods.
Vault holdings approach $100 million mark
Data from Flare’s FAssets dashboard shows approximately 39.54 million XRP, valued at $98.54 million, currently held in network vaults. Users have minted 40.11 million FXRP to date, worth $96.63 million across 12,930 separate transactions. The platform currently has 3,770 individual FXRP holders.
Around 1.2 million FXRP remains available for minting under current allocations. The network maintains approximately $22.69 million in total collateral backing the system. This collateral consists of $15.72 million in FLR tokens and $6.97 million in USDT.
Demand for FXRP has increased consistently since the product launched. The platform initially set weekly minting caps at 5 million FXRP but has tripled that limit to 15 million due to user appetite. Allocations have been depleted within hours of becoming available under the expanded cap.
Retail drives early adoption wave
Philion noted that retail investors have driven the first wave of FXRP demand without institutional participation. He anticipates institutional players will enter once the circulating supply reaches $100 million, a threshold less than $4 million away from current levels.
The bridging mechanism allows XRP holders to access DeFi applications on Flare while maintaining exposure to XRP price movements. FXRP functions as a wrapped version of XRP that can be used across Flare’s ecosystem for lending, borrowing, and trading activities.
The growth in bridged XRP comes as Flare continues to build infrastructure connecting different blockchain networks. The platform focuses on providing data and interoperability services that enable cross-chain functionality for various digital assets.
Whether institutional demand materializes as projected will depend on factors including regulatory clarity, custody solutions, and available yield opportunities for FXRP holders. The rapid adoption by retail users suggests demand exists for XRP-based DeFi products.
Flare’s positioning as the dominant XRP DeFi platform could attract additional projects building on the network. The existing user base and liquidity may provide a foundation for expanded ecosystem development around FXRP and related products.
Source: https://thenewscrypto.com/40000000-xrp-bridged-to-flare-ceo-says-its-only-the-beginning/
